New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-12-08

~
Total enlitures inelni'nF s,9c 3o 7o3 o.
sinking ,und..-.---.- --...'.'''-'- .-- ----
or an estimated surplus Of ......-..... s''''''.' -
Excluding he sinking frnd,thr estimated pen 'u .,
viii he S31-.ooO,O31 80, showing d S"I
SlU4,3l3,3U1 Oh.
SINKING FUND.
Tho act Of February %. l7G2 III, >, 3GS7l requires
one pel ccntum of the entire debt Of the United Sa t.
10 be annually set apart a. Si'N"o
fund and applied TO tho pui'ha7'
paymcnt Of the pubc debt, In such manner d
the secretary of tho Treasury may from uH" u ''"o
direct torthcr with sum equal to the intero' on al
Loud, 70 +. deeulcd and the act OF Alr! l., l0.p'
10 sta. $50 provides that fractional ouri'H'! re-
deemed by the treasury shall also form part u ''
sinking fund. = 49,,
1he requirements of The fund for the cal year ed
June 90 lo-7. including balance OF SIP 40 :"
drmntion Of bonds, Interest notes and fractional cur
renct To he extent of Si7,8O"247 10; inc l'fuio,
men: for the current fiscal year which are e,ut ,
-, 40 IL -sb a. have been almost wholly provided
for 20 November l, 1-o7. by Tho fedemp io' oi q,
currency and per bonds and by the pucti,o "i
and 4 IL per cent bonds. ano o.5 IA ,S S cs
S4O.jG sol 20, within S2o2oO3 % Vi ''o %
tiuated requirement for the year
ra,to, and currency reform the questions
my shed predecessor deemed to be oil most
pressing impora nce and to then he devoted La g
mart Of tho two annual reports which he ndIc 10 'o
congress In those reports he stated ms ho"o'' '''
vlctiuns with a vigor and bodicSs WHICH, toso'
with the ability and fairness That he Sho"ou Ia "'"
general management of This Department. have gwen
him a high place among statesmen and hnhhcids' l
find the ,alo subjects to be stu the most lPo''"
~ ali tho.e to which 1t is my dug 10 call you aileH'"h
and IL 4, not necessary to do otherwise than n'""
,bs general lines lad down By him ia treating th'n'
circumstances have heightened the Immediate WI o"oS
Of taxation affecting tho surplus toNou'S Va
,ho Government The urgency Is 30 great that the
oucstiun of surplus revenues demands the earnest ~
utiou Of both The legislative aud executive branches
o th. onycrlIueat By surplus revenue 10 meant Inc
uonev which annually IN the Treasury OF tho
United states the Ohccrs o. th's ~ paI'' nm
have collected the taxes lad on the p'op'o - mo %
OF Congre.., and have paid all The cap nee anu
obligations Of Government except pthV'Pai Vi NV
T lltercst-D, alIno dcDt.
Each ear for twenty-five years there has been such
suIpus-tAe least, - J44 ee2 80, ia lc'4 inc e''''s
est SlIS,543, $40 Il, IN loo-' Inc tO'a VI 1I.9
,ius or twenty-five years eHut1i Ju!c oo' io',,
! ~ snt -, MA l.. IL was SlO34il.O U1 80 during
tho ast neal year, which wa ohJ ABOUT H',,''o' ",
doi,ars lc-S than the Grcatcet annual surplus V' I
I,-A1 -incs the reduction Of taxation III io71 d
though tho ordinary expenditures chc,u'lgo OF f
on the public debt, were $50 "1-, '1o .. 80 y..r
- nan I'm lso4 During the present I.scil yea.
ending June 30, lSro' INC SUI P'"' ' ~
/ to Sll3. 100000 49,. ..,,,.o, !,
conn. INTO the Treasury n the form Oi Bld COIN
coin gold certificates, silver celth,ac'' a"u w.
states mics The Government Ilp'drs, al lait, an
nual cost minis and Bnrcau OF EhgiaNIhsahu I'ln'
ing 10 coin and print these various forms OF mchrS an
REPRESENTATIVE money, that there may DC sufficient
c,r1uating medium In the hands OF Gu: ieop" ~
them to conveniently cA'haso tho ~, ~ % ,.s 80 tte
w6rld II take into the treasury largo aWouis VI
o c,,nIating media In excess Of what We pay ont,
,her Wil soon not be morey enough in the hands OF
the people for the purposes OF business srio ,p "a
rangement ano or e very evils witch his wrong
condition creates shall have worked tcnloim I".
by 50 diminishing ho conSuPeo" - wbicb tho rryen
vs. - tho Government raised that taxes 90 h''
ues 81 e o oyncndnrcs Of Government. This eva an'
]
| Gus expcdcn,s by which TINS may Or ooho .,o
lat The purchase Of tho interest bearing debt OF thc
| Government. ,..,, ,r The,
nurposes than the purchase Of ton' 80 that th'y sha
| each year equal the taxation OF that year =. ,,o
m Reduction OF the revenue from taxation 10 no
amount actually required TO meet necessary cNlch'os
All Of these cxpedon have In common me one mcr,
OF preventing the arrangement to business wnVn H. uS
fiinv boarding or locking up In tho Treasury inc CIT
| culating media OF the people
PURCHASE OF BONDS.
The FIRST tho purchase of bonds has inc urtno, "''
, rho interest ceases upon all bonds purchased by n
Government: nut, on tho other hahd' u u'o -
ness OF the money which Is devoted 10 tho pu' '""'
bonds &, worth something to tho people from "hon' II
taken by taxation AMI If The value Of 10 use OIL oto
in business is greater than the amount OF money WI"
| saved by the cancellation OF tho OoVerhho"' Do
then the DC Pile have lost by the TRANSACTION the
ot loss being tho difference between the worth VI 'h
use 81 the money to them and tho interest saved on I'M
honds cancelled; for example, no calculation och'
made OF compound interest, the purchase AZ par oi
81 600 four per cent bond twenty years oei''o ~
de saves TO tho $500 In interest upon that
but II tho money had not been taken from LILO ptoR
and II in their business would have been worth nv
por mt annually for tho twenty years then .he .o
Value OF the u,o OF the 81 900 to them wouu nay nay
been al 600 and there would have boon loss 2. ~20
in Of this surplus Of taxation out four 70
cent bonds cannot DO bought ~ la Ind henca %
calculation mus, always bs made upon tho pass ..
nSm ~ e. Su,eAs,o bond xls tho sysssf
annual value Of noney 70 the wnSls people may 'A''
Fl. b.. ur9e'sd ZONE 6OGds .S dp'bn a
SSI I saving In inisre,t nSon the purchases T. ont
tvo tnd G s sSSSa ,nc. pESC oss o. pat
cSass, C' - ss.s To snnu SAVING would
iSss n puvSssai wsrs Ssde lsW AkyM tAe Goyets
ani sftAmpl "a Goend " Of itS pteeeW g0r2ln9 NHsu